Wednesday, Apr 19, 2017
Dubai: Yousuf Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Real Estate Development Company, on Wednesday rang the market opening bell to celebrate the listing of a $500 million (Dh1.9 billion) sukuk on Nasdaq Dubai, the region’s international exchange.
The listing provides strong support for Dar Al Arkan’s capital-raising strategy as it prepares for further property development activities across Saudi Arabia, including commercial real estate and integrated residential communities.
The bell ceremony took place in the presence of Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Dar Al Arkan, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, and Hamed Ali, Chief Executive of Nasdaq Dubai.
Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said: “This listing from a prominent Riyadh-based real estate developer further strengthens the close capital markets ties between the UAE and Saudi Arabia, which benefit economic development in the GCC.”
Dubai’s Sukuk listings have now reached a total nominal value of $53.81 billion, the highest amount of any listing venue in the world.
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